DTCC CEO proposes plans to advance blockchain technology integration in annual shareholder letter

Rage Comment : As the main depository and settlement institution in the United States, DTCC, in order to become a leader in the development of blockchain technology and distributed ledgers in the financial field, changes the company's business model, and hopes to promote the integration of blockchain technology through cooperation with banks and other institutions. In a letter to shareholders, DTCC Chairman and CEO Michael Bodson expressed his desire to seek their help and established a "Blockchain Strategic Research Laboratory" to lead internal experiments, indicating DTCC's determination to use blockchain technology.

Translation: Nicole

The CEO of major U.S. clearing firm DTCC wrote in a letter to shareholders: The company seeks to become a leader in the development of blockchain technology and distributed ledgers in the financial sector.

DTCC Chairman and CEO Michael Bodson wrote in the letter that the company wants to play an active role in blockchain exploration, and the company recently held a seminar on blockchain technology and is working with industry startup Digital Asset Holdings on post-trade blockchain experiments.

Under the subheading ‘Embracing Disruption’, Bodson describes how DTCC has sought help from industry stakeholders and even established a “Blockchain Strategic Research Lab” to spearhead internal experiments.

Bodson wrote:

“We aim to become an industry leader in blockchain technology by spearheading industry experiments and use cases, acting as a leader in open source stewardship, fostering collaboration among market participants, and making strategic investments in partners in the development of blockchain technology.”

Bodson called the potential presented by blockchain technology a “once-in-a-generation opportunity,” while also reflecting on the enthusiasm often associated with the technology — perhaps a nod to the DTCC’s January white paper that sought to temper expectations among major financial institutions about the technology.

He wrote:

“While the rhetoric can sometimes be overblown, the fact is that this is an exciting once-in-a-generation opportunity to reimagine post-trade infrastructure and address long-standing operational difficulties.”

While Bodson did not make any specific promises or announcements in the letter, DTCC has made its position clear in recent weeks, announcing a partnership with Digital Asset Holdings and revealing that it will adjust its business model in the face of a changing technological environment.